Guest Author: Jon Kaplan, Intrepid Advisors<\/p>\n
The global pandemic resulting from the spread of the novel corona virus Covid-19 has taken a devastating toll on businesses around the world.\u00a0In the United States, there has been an unprecedented disruption to normal business activities along with unemployment rates not seen in a century.\u00a0As businesses try to navigate through these unpredictable times, they may find an unlikely ally in the US Internal Revenue Service.<\/p>\n
Tax incentives created decades ago to promote job creation and technological innovation are becoming the latest weapon used to recapture some ground recently lost to this pandemic.<\/p>\n
The Research and a Development Tax Credit was first introduced in 1981 and became a permanent part of the US tax code in 2015.\u00a0Designed to provide financial incentives to businesses that innovate, the term \u201cR&D\u201d was intentionally defined to include a wide array of qualifying activities.\u00a0Generally speaking, qualifying research activities include\u00a0developing a new or improved product, fabrication process, or software program<\/em>.\u00a0With a recession looming and many businesses still adjusting to this new \u201cnormal,\u201d\u00a0now is the right time to take advantage of this tax credit<\/strong>.<\/p>\n Here\u2019s why:<\/p>\n